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Stocks Opened Higher After Europe Deal

Stocks Opened Higher After Europe Deal

 

Stock markets welcomed the news on Europe’s plan to tighten budget rules within the European Union and U.S. stocks gained on Friday, with the Standard & Poor’s 500 Index adding 1 percent. EU leaders agreed in Brussels to increase the EU’s crisis-fighting fund by $267 billion and introduce stricter anti-deficit rules to fight continuing debt crisis in Europe.

US Stocks Rise

European Central Bank President Mario Draghi described the plan as “very good”, while Britain was not included in the new plan after the country decided not to join the newly introduced measures and refused to accept closer economic ties with other member states.

U.S. stock market was boosted also by better than expected figures on the U.S. trade deficit, which decreased by 1.6 percent to $43.5 billion in September.

Other leading U.S. stock indexes also rose, although the Dow Jones Industrial Average’s gain was limited by decreasing prices of DuPont shares. The index added 1.1 percent during early trading hours, while bank stocks led the gain, with Morgan Stanley adding 5.3 percent, and Citigroup Inc. increasing 4.6 percent. European stocks also rose following the news on a debt-crisis deal, with France’s CAC 40 gaining 2.5 percent, and Germany’s DAX adding 2 percent on Friday.

The new budget rules envisage a more active role for the European Central Bank, which is now allowed to purchase more government debt to lower borrowing costs for EU member states. Britain, not quite unexpectedly, opposed the plan designed by France and Germany, Europe’s leading economies, and asked the new rules not to apply to London. Other member states, however, did not accept Britain to be an exception to the rules, and London did not join the new budgetary policy framework.

 

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About the author

Lacy Bryant

Lacy Bryant is a devoted writer who has a passion for the entertainment industry. Her experience has allowed her to speak with top name celebrities and to handle movie reviews over the last 12 years. While she has focused some of her work over the years on gossip topics, she still finds that most of her experience does remain in investigative journalism. Ms. Bryant holds a Masters in Journalism and spent her youth working on general interest stories as she worked her way through college. This experience has allowed her to build a solid understanding of how the journalistic process works and how to deliver a piece of writing that not only delivers the full story, but answers the questions that her readers have. This focus on quality certainly has earned her respect from readers and peers over the years. When she isn't working on her articles, Lacy spends her spare time reading books and reviewing them. With a passion for topics that range from Romance to Mystery and Thriller, she is also a talented literature reviewer. This experience has also allowed her to extend her career past the basic points of journalism. Her dream is to one day to write a well-received mystery that incorporates many of the twists that she has discovered in her time working in investigative reporting. As a Native of Louisiana, she is proud of her heritage and remains focused on making her hometown of New Orleans proud. She is married and the proud mother of three beautiful girls.

 
 

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